Toyota to boost retail efforts

Toyota plans to open 1,000 dealers in China by 2010 as part of an effort to capture a 10% slice of the country's auto market, the Wall Street Journal reported, citing Executive Vice President Yoshi Inaba. Inaba said he wants each of Toyota's 1,000 dealers to sell 1,000 vehicles a year to boost Toyota sales to one million vehicles annually, up from 183,000 last year. He expects demand in the Chinese passenger-vehicle market to grow to roughly 10 million vehicles a year by 2010. Toyota operates nearly 220 dealers in a joint venture with China's First Auto Works Group and will add 110 more later this month when its second joint venture in China, with Guangzhou Automotive Group, launches its retail business.